All across the state of New York and certainly within the metropolitan New York City area, many residents who have wanted to buy their own homes have had to postpone making such a move because of the costs associated with the purchase of a property. One of these costs is the asking price of any home which has been increasing, although the prices of new and resold homes has levelled a bit recently.
Another factor that may have been a roadblock for many would-be homebuyers was the cost of borrowing the money needed to finance a home purchase. Interest rates have been lower than in some past years but still can add up quickly, especially when purchase prices remain high. That makes a new move in the lending interest rate world highly important for many consumers.
As reported by CNBC, the average rate of a home mortgage was dropped in early October to as low as 3.62%, a rate than is a solid 1.25% lower than the average home loan interest rate just 12 months ago. This decline in interest rates may save a person as much as $225 per month on a $300,000 loan. A drop in the stock market may be one event that facilitated the interest rate change.
This information is not intended to provide legal advice but is instead meant to give residents in New York an overview of the factors that they may want to be tracking in order to decide when it might be beneficial for them to consider buying a new home or refinancing their existing home.